NEW LAWS: Property Taxes

Here are some of the new laws affecting homeowners and their property taxes:

Claiming property tax refunds in Cook County. This law provides that in Cook County only, taxpayers have 20 years to claim a property tax refund, up from the current limit of five years. It also limits refund amounts for taxes paid prior to 2009 to $2.5 million per year.

Allows for property tax bill to be sent via e-mail upon request. Permits County Treasurers to send property tax bills via e-mail if the property owner or taxpayer makes a request in writing. In addition, requires sales tax on leased vehicles to be collected on the monthly payments, as opposed to prior law which provided the tax be collected on the value of the vehicle at the inception of the lease.

Erroneous homestead property tax exemptions. Adds interest and penalties on the principal property tax amount should an erroneous exemption have been granted. The principal property tax amount is considered the amount of the property taxes on the assessed value prior to the erroneous homestead exemption.